https://www.taxtmi.com/caselaws?id=307371 The Tribunal upheld the addition of Rs. 12.10 crores as unexplained cash credits under Section 68 of the Income Tax Act, 1961. The assessee failed to establish the identity, creditworthiness, and genuineness of the loan transactions from two entities. Despite multiple opportunities, the assessee could not provide sufficient evidence, leading to the dismissal of the appeal. The Tribunal relied on legal precedents emphasizing the need for independent proof of transaction genuineness. The decision was pronounced on 23rd September 2022, affirming the lower authorities' ruling. en-us Fri, 23 Sep 2022 00:00:00 +0530 Fri, 07 Apr 2023 21:30:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=307371 The Tribunal upheld the addition of Rs. 12.10 crores as unexplained cash credits under Section 68 of the Income Tax Act, 1961. The assessee failed to establish the identity, creditworthiness, and genuineness of the loan transactions from two entities. Despite multiple opportunities, the assessee could not provide sufficient evidence, leading to the dismissal of the appeal. The Tribunal relied on legal precedents emphasizing the need for independent proof of transaction genuineness. The decision was pronounced on 23rd September 2022, affirming the lower authorities' ruling. Case-Laws Income Tax Fri, 23 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=307371